NatWest Group PLC (NWG) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to NatWest Group Q1 Results 2023 Fixed Income Call. Today's presentation will be hosted by CFO, Katie Murray; and Treasurer, Donal Quaid. We also have Head of Debt IR, Paul Pybus; our Head of Treasury DCM, Scott Forrest on the line for questions. After the presentation, we will open up for questions. Katie, please go ahead.

下午好，歡迎參加 NatWest 集團 2023 年第一季度固定收益電話會議。今天的演講將由首席財務官 Katie Murray 主持；和財務主管唐納爾·奎德。我們還有債務 IR 主管 Paul Pybus；我們的 DCM 財務主管 Scott Forrest 在線回答問題。演講結束後，我們將開放提問。凱蒂，請繼續。

Good afternoon, everyone. Thank you for joining our quarter 1 fixed income results presentation. I'm joined today by Donal Quaid, our Treasurer; and Paul Pybus, our Head of Debt IR. I will take you through the headlines for the quarter and then move on to some of the detail. Donal will then take you through the balance sheet, capital and liquidity, and then we'll open up for questions.

大家下午好。感謝您參加我們的第一季度固定收益業績演示。今天我們的財務主管唐納爾·奎德也加入了我的行列。以及我們的債務 IR 主管 Paul Pybus。我將向您介紹本季度的頭條新聞，然後介紹一些細節。然後，多納爾將帶您了解資產負債表、資本和流動性，然後我們將開放提問。

So starting on Slide 3. Our strategy continues to deliver against the backdrop of increased market volatility since we last spoke in February. We are well positioned both for the upside as we build on our strong customer franchise to drive targeted growth and for the downside as a result of our strong balance sheet and liquidity, high-quality deposit base and disciplined risk management.

因此，從幻燈片 3 開始。自我們上次在 2 月份發表講話以來，在市場波動加劇的背景下，我們的策略繼續發揮作用。我們在上行方面處於有利地位，因為我們建立在強大的客戶基礎上，以推動目標增長；而在下行方面，我們擁有強大的資產負債表和流動性、高質量的存款基礎和嚴格的風險管理。

We delivered an operating profit of GBP 1.8 billion in the first quarter, an increase of 49% on the same period in 2022. Attributable profit was GBP 1.3 billion, up 52% on the first quarter last year. Our return on tangible equity increased from 11.3% to 19.8%. And income, excluding all notable items, grew 37% to GBP 3.8 billion. Costs increased by GBP 240 million, which includes the one-off payment we made to staff in January to help manage the rising cost of living.

我們第一季度實現營業利潤 18 億英鎊，比 2022 年同期增長 49%。歸屬利潤為 13 億英鎊，比去年第一季度增長 52%。我們的有形股本回報率從 11.3% 增至 19.8%。扣除所有值得注意的項目後，收入增長了 37%，達到 38 億英鎊。成本增加了 2.4 億英鎊，其中包括我們 1 月份向員工支付的一次性付款，以幫助應對不斷上漲的生活成本。

We continue to focus on tight cost discipline. We expect to generate and return significant capital to shareholders this year and intend to maintain our 40% payout ratio. We have completed more than half of the GBP 800 million on market buyback announced in February. The government shareholding now stands at just over 41%, and we have regulatory permission to undertake a directed buyback, so any transaction remains at the government's discretion.

我們繼續關注嚴格的成本控制。我們預計今年將產生並向股東返還大量資本，並打算維持 40% 的派息率。我們已經完成了 2 月份宣布的 8 億英鎊市場回購計劃的一半以上。目前政府持股略高於 41%，而且我們擁有進行定向回購的監管許可，因此任何交易仍由政府自行決定。

Turning to Slide 4 and an overview of the balance sheet. We have seen an expected reduction in deposits during the quarter, which Donal will talk about later. Our funding is well diversified and our loan-to-deposit ratio is 83%, resulting in surplus deposits of GBP 53 billion. Our liquidity coverage ratio of 139% is well in excess of minimum requirements with headroom of GBP 43 billion. On the asset side, we have a well diversified loan book where our top 10 wholesale customers account for around 5% of total loans.

轉向幻燈片 4 並概述資產負債表。我們已經看到本季度存款的預期減少，多納爾將在稍後討論這一點。我們的資金來源多元化，貸存比為83%，存款盈餘達530億英鎊。我們的流動性覆蓋率為 139%，遠超最低要求，還有 430 億英鎊的空間。在資產方面，我們擁有多元化的貸款賬戶，其中我們的十大批發客戶約佔總貸款的5%。

We have limited exposure to commercial real estate, which is around 5% of the total book. 93% of the personal lending is secured, and our mortgage books have prudent loan-to-value ratios with an average of 53%. The book's performance demonstrates our strong risk management with low levels of arrears and impairment. Procyclicality remains at low levels, and we continue to monitor this closely.

我們對商業地產的投資有限，約佔總賬面的 5%。 93% 的個人貸款有擔保，我們的抵押貸款賬簿具有審慎的貸款價值比，平均為 53%。該賬簿的表現表明我們擁有強大的風險管理能力，拖欠和減值水平較低。順週期性仍處於較低水平，我們將繼續密切關注。

Turning to Slide 5. You can see from this slide that we're making good progress on our objectives and are on track to meet our 2023 guidance on income cost and capital. As a leading provider of sustainable financing, we play an important role in helping our customers transition to a net zero economy. We have delivered over GBP 40 billion of climate and sustainable funding since July 2021 to meet our GBP 100 billion target.

轉向幻燈片 5。您可以從這張幻燈片中看到，我們在目標方面取得了良好進展，並且有望實現 2023 年收入成本和資本指導。作為可持續融資的領先提供商，我們在幫助客戶過渡到淨零經濟方面發揮著重要作用。自 2021 年 7 月以來，我們已提供超過 400 億英鎊的氣候和可持續資金，以實現 1000 億英鎊的目標。

In addition to our focus on driving targeted growth, we continue our strong track record of disciplined cost management and investment. We are on track to meet our cost guidance for the year of around GBP 7.6 billion and our guided cost income ratio of less than 52%. And we expect to invest in the region of GBP 3.5 billion over the next 3 years, continuing our digital transformation, which includes improved customer journeys, data analytics, machine learning and robotics.

除了專注於推動目標增長之外，我們還繼續保持嚴格的成本管理和投資的良好記錄。我們有望實現今年約 76 億英鎊的成本指導，指導成本收入率低於 52%。我們預計在未來 3 年內投資 35 億英鎊，繼續我們的數字化轉型，其中包括改善客戶旅程、數據分析、機器學習和機器人技術。

We continue to allocate capital effectively across the business as we continue our phased withdrawal from the Republic of Ireland. RWAs have reduced by a further GBP 800 million in the quarter to GBP 4.6 billion. Around 95% accounts are now closed or in the process of being closed, and we expect the [Greece] asset sales to complete by the year-end.

隨著我們繼續分階段從愛爾蘭共和國撤資，我們將繼續在整個業務中有效地分配資本。本季度 RWA 進一步減少 8 億英鎊，達到 46 億英鎊。大約 95% 的賬戶現已關閉或正在關閉，我們預計[希臘]資產出售將在年底前完成。

As I said earlier, we expect to make significant distributions to shareholders in 2023 and intend to maintain our payout ratio of 40% for which we have accrued GBP 500 million in the quarter. Moving on to net interest income on Slide 6. Net interest income, excluding notable items, was broadly stable at GBP 2.9 billion. Net interest margin, excluding notable items, increased 2 basis points to 327. Wider deposit margins added 12 basis points, reflecting the benefit of higher average interest rates partly offset by lower average deposit balances, ongoing pass-through to savers for which there is a timing lag and ongoing customer migration to higher interest-paying accounts.

正如我之前所說，我們預計將在 2023 年向股東進行大量分配，並打算將派息率維持在 40%，本季度我們已為此積累了 5 億英鎊。接下來是幻燈片 6 上的淨利息收入。淨利息收入（不包括值得注意的項目）基本穩定在 29 億英鎊。淨息差（不包括重要項目）增加了 2 個基點，達到 327。存款利差增加了 12 個基點，反映了平均利率上升的好處，部分被平均存款餘額下降所抵消，持續向儲戶傳遞，而儲戶對此有興趣。時間滯後和持續的客戶遷移到更高利息的賬戶。

Lower lending margins reduced NIM by 9 basis points, driven by lower front book mortgage margins. We continue to expect net interest margin for the full year of around 320 basis points. Turning now to loan growth on Slide 7. We are pleased to have delivered a strong quarter of balanced lending growth across the group. Gross loans to customers across our 3 businesses increased by 1.6% or GBP 5.7 billion to GBP 356 billion.

由於前置抵押貸款利潤率較低，貸款利潤率下降使淨息差減少了 9 個基點。我們繼續預計全年淨息差約為 320 個基點。現在轉向幻燈片 7 上的貸款增長。我們很高興整個集團實現了強勁的季度均衡貸款增長。我們 3 項業務的客戶貸款總額增長 1.6%，即 57 億英鎊，達到 3,560 億英鎊。

Taking retail banking, together with private banking, mortgage balances grew by GBP 3.9 billion or 2% in the quarter. Gross new mortgage lending for the quarter was GBP 10 billion, representing flow share of around 17%. This is higher than normal reflecting our decision to stay in the market during the market volatility in Q4 when others were drew, and for a shorter period between application and completion of mortgages in Q1.

就零售銀行業務和私人銀行業務而言，本季度抵押貸款餘額增長了 39 億英鎊，即 2%。本季度新增抵押貸款總額為 100 億英鎊，流量份額約為 17%。這高於正常水平，反映出我們決定在第四季度市場波動期間（當其他人提取貸款時）留在市場上，以及在第一季度申請抵押貸款和完成抵押貸款之間的較短時期內。

Unsecured balances increased by a further GBP 200 million in the quarter to GBP 14.4 billion driven by new card issuance and market share gains. In Commercial & Institutional, gross customer loans increased by GBP 1.5 billion. At the mid to large end, we saw good demand across RCF's term lending and funds banking. At a small end, demand remains muted, although we have seen some deleveraging by customers with surplus liquidity as well as ongoing repayment of government lending schemes.

在新卡發行和市場份額增長的推動下，本季度無擔保餘額進一步增加 2 億英鎊，達到 144 億英鎊。在商業和機構領域，客戶貸款總額增加了 15 億英鎊。在中高端，我們看到 RCF 的定期貸款和基金銀行業務需求良好。在小型方面，儘管我們看到流動性過剩的客戶進行了一定程度的去槓桿化以及政府貸款計劃的持續償還，但需求仍然低迷。

I'd like to turn now to noninterest income on Slide 8. Noninterest income, excluding notable items, was GBP 918 million. We are pleased with the performance of our markets business, which delivered higher fixed income revenues and benefited from currency volatility. Capital markets income grew as we supported more commercial customers with their issuance.

我現在想談談幻燈片 8 上的非利息收入。不包括值得注意的項目的非利息收入為 9.18 億英鎊。我們對市場業務的表現感到滿意，該業務帶來了更高的固定收益收入並受益於貨幣波動。隨著我們支持更多商業客戶的發行，資本市場收入有所增長。

Fees and commissions decreased GBP 32 million to GBP 583 million due to seasonally lower spending. Going forward, noninterest income will be influenced by economic activity and customer confidence, as you would expect. Turning now to costs on Slide 9. Other operating expenses were GBP 1.9 billion for the first quarter. That's up GBP 240 million or 12.5% on the same period last year. Excluding the one-off cost of living payments to staff and higher strategic costs relating to our phase withdrawal from the Republic of Ireland, cost growth was around 7% year-on-year.

由於季節性支出減少，費用和佣金減少 3200 萬英鎊至 5.83 億英鎊。展望未來，正如您所預期的那樣，非利息收入將受到經濟活動和客戶信心的影響。現在轉向幻燈片 9 上的成本。第一季度的其他運營費用為 19 億英鎊。比去年同期增加 2.4 億英鎊，即 12.5%。剔除向員工支付的一次性生活費以及與我們從愛爾蘭共和國分階段撤出相關的更高戰略成本，成本同比增長約為7%。

We continue to expect other operating costs of GBP 7.6 billion for the full year, equivalent to around 4% annual cost growth. I'd like to turn now to credit risk on Slide 10. We have a well-diversified prime loan book, which is performing well. Over 50% of our group lending consists of mortgages where the average loan-to-value is 53% or 69% on new business.

我們繼續預計全年其他運營成本為 76 億英鎊，相當於年度成本增長約 4%。我現在想談談幻燈片 10 上的信用風險。我們有一個多元化的優質貸款賬目，表現良好。我們超過 50% 的團體貸款由抵押貸款組成，平均貸款價值比為 53%，新業務的平均貸款價值比為 69%。

Overall, we have lower levels of arrears and forbearance in our mortgage book. 91% of our book is at fixed rate, 5% are trackers and 4% is on a standard variable rate. Over 2/3 of mortgage balances are on 5-year fixed rates and less than 1/4 are 2 years. Our personal unsecured exposure is less than 4% of group lending and is performing in line with expectations.

總體而言，我們的抵押貸款賬簿中的欠款和延期付款水平較低。我們的圖書 91% 是固定費率，5% 是跟踪費率，4% 是標準可變費率。超過 2/3 的抵押貸款餘額為 5 年期固定利率，不到 1/4 為 2 年期。我們的個人無擔保風險敞口低於團體貸款的 4%，表現符合預期。

Our corporate book is well diversified, and we have brought down concentration risk over the past decade. Our commercial real estate exposure represents less than 5% of group loans with an average loan to value of 47%. We have carefully managed this exposure for several years, reducing absolute exposure and putting away from retail towards industrial. So we are comfortable with the risk in this actively managed portfolio.

我們的公司賬目多元化，過去十年我們降低了集中度風險。我們的商業房地產風險佔集團貸款的比例不到 5%，平均貸款價值率為 47%。多年來，我們一直謹慎管理這一風險敞口，減少絕對風險敞口，並從零售業轉向工業業。因此，我們對這個主動管理的投資組合的風險感到滿意。

Turning now to look at impairments on Slide 11. We are reporting a net impairment charge of GBP 70 million for the first quarter, equivalent to 7 basis points of loans on an annualized basis. We have not updated our economic scenario this quarter as we are comfortable they adequately reflect the current macro uncertainty. So this charge largely reflects Stage 3 (inaudible), which remained stable.

現在來看幻燈片 11 上的減值。我們報告第一季度的淨減值費用為 7000 萬英鎊，相當於年化貸款的 7 個基點。我們本季度尚未更新我們的經濟情景，因為我們認為它們充分反映了當前的宏觀不確定性。因此，這一費用很大程度上反映了第三階段（聽不清），該階段保持穩定。

Our through-cycle impairment guidance is 20 to 30 basis points, and I continue to see this as an appropriate level for 2023, given both the economic outlook and the relatively benign trends in our book. Our expected credit loss coverage is broadly stable at GBP 3.4 billion, equivalent to 89 basis points of loans. This includes GBP 330 million of post-model adjustments for economic uncertainty, which are also broadly stable in the quarter. We remain comfortable with the coverage of the book, which is not showing any material signs of stress. And with that, I will hand over to Donal.

我們的整個週期減值指導為 20 至 30 個基點，考慮到經濟前景和我們書中相對良性的趨勢，我仍然認為這是 2023 年的適當水平。我們的預期信用損失覆蓋率大致穩定在 34 億英鎊，相當於貸款的 89 個基點。其中包括針對經濟不確定性的 3.3 億英鎊模型後調整，該調整在本季度也基本穩定。我們對這本書的報導感到滿意，沒有表現出任何實質性的壓力跡象。接下來，我將把工作交給多納爾。

Thanks, Katie. Good afternoon, and thank you for joining today's call. I will start by sharing some highlights from the first quarter before moving into more detail on deposits, liquidity and capital. I'll then give an update on our progress against our funding plans for 2023 before we open up for questions.

謝謝，凱蒂。下午好，感謝您參加今天的電話會議。我將首先分享第一季度的一些亮點，然後詳細介紹存款、流動性和資本。然後，在我們開始提問之前，我將介紹 2023 年融資計劃的最新進展。

Starting with the highlights on Slide 13. We ended the quarter with a strong capital MREL and leverage position, comfortably above the retro minimum with a CET1 ratio of 14.4%, a leverage ratio of 5.4% and a total loss absorbing capacity ratio of 32.4%. The group's funding is well diversified. We have a strong deposit franchise and a robust liquidity position.

從幻燈片 13 的要點開始。本季度結束時，我們的資本 MREL 和槓桿狀況強勁，明顯高於復古最低標準，CET1 比率為 14.4%，槓桿率為 5.4%，總損失吸收能力比率為 32.4% 。該集團的資金來源多元化。我們擁有強大的存款業務和強勁的流動性狀況。

Liquidity coverage ratio was 139% at the end of the quarter, giving us a comfortable surplus of our minimum requirements with the liquidity portfolio primarily concentrated in central bank deposits. We've made good progress against our funding requirements in the quarter, achieving over 50% of our annual issuance requirements despite challenging market conditions. It was very pleasing to see further progress on our credit ratings this month, with S&P upgrading all NatWest Group entities, recognizing group's strong earnings outlook, resilient balance sheet and solid funding and liquidity.

截至季末，流動性覆蓋率為 139%，流動性組合主要集中在央行存款，基本滿足最低要求。儘管市場條件充滿挑戰，我們在本季度的融資要求方面取得了良好進展，達到了年度發行要求的 50% 以上。我們很高興看到本月我們的信用評級取得進一步進展，標普升級了 NatWest 集團的所有實體，認可該集團強勁的盈利前景、富有彈性的資產負債表以及雄厚的資金和流動性。

Turning to liquidity on Slide 14. Our liquidity position remains robust. Although we are seeing a reduction from elevated levels with an LCR ratio at 139% at the end of Q1, reflecting around GBP 43 billion of surplus primary liquidity above minimum requirements. Our liquidity coverage ratio was 151% on a 12-month rolling average view. The decrease in the ratio in the quarter was primarily due to a reduction in the customer funding surplus as customer deposits reduced and lending grew, partially offset by treasury funding activity.

轉向幻燈片 14 上的流動性。我們的流動性狀況仍然強勁。儘管我們看到第一季度末的 LCR 比率已從較高水平有所下降，為 139%，反映出初級流動性剩餘額約為 430 億英鎊，高於最低要求。從 12 個月滾動平均來看，我們的流動性覆蓋率為 151%。本季度該比率的下降主要是由於客戶存款減少和貸款增長導致客戶融資盈餘減少，但部分被財務融資活動所抵消。

We continue to manage a high-quality liquid asset pool with primary liquidity of GBP 149 billion and secondary liquidity of GBP 61 million. Primary liquidity is concentrated in cash with GBP 120 billion deposited with central banks. The remaining GBP 29 billion comprises highly weighted government and other Level 1 LCR bonds, the majority of which are held on the balance sheet at fair value.

我們持續管理優質流動性資產池，一級流動性達1490億英鎊，二級流動性達6100萬英鎊。主要流動性集中在現金，1200億英鎊存放在央行。剩餘的 290 億英鎊包括高權重政府債券和其他 1 級 LCR 債券，其中大部分以公允價值持有在資產負債表上。

Approximately 4% of our primary liquidity or GBP 6.5 billion is held to collect at amortized cost, so the fair value is not reflected in the group balance sheet. Looking at customer deposits on Slide 15. Customer deposits across our 3 businesses were GBP 422 billion at the end of the quarter, resulting in a loan-to-deposit ratio of 83%. During the quarter, we saw a reduction in balances across our 3 core franchises, from the elevated position built up during the pandemic, reducing by approximately GBP 11 billion, driven by increased competition and tax payments, which were around GBP 8 billion higher than the fourth quarter.

我們持有約 4% 的主要流動資金（即 65 億英鎊）以攤餘成本收取，因此公允價值並未反映在集團資產負債表中。查看幻燈片 15 上的客戶存款。截至本季度末，我們 3 項業務的客戶存款為 4,220 億英鎊，貸存比率為 83%。本季度，由於競爭加劇和納稅，我們的 3 個核心特許經營權的餘額比疫情期間建立的高位有所減少，減少了約 110 億英鎊，比上年同期高出約 80 億英鎊。第四季度。

Retail banking deposits reduced by GBP 4.4 billion in the quarter, driven by tax payments and higher customer spending. In the Private Bank, the impact of tax was most pronounced given the customer demographic. In Commercial & Institutional, deposits reduced by GBP 2.8 billion, mainly reflecting the reduction in system liquidity.

由於納稅和客戶支出增加，本季度零售銀行存款減少 44 億英鎊。在私人銀行，考慮到客戶群體，稅收的影響最為明顯。商業和機構存款減少28億英鎊，主要反映系統流動性減少。

Within Central and other, we saw a further GBP 8.7 billion reduction. Around half of this is the result of our phased withdrawal from the Republic of Ireland, with the remainder due to treasury repo activity. Going forward, our deposit flows will be a function of macroeconomics, changes in net lending and customer behavior. And we think deposit balances at the end of 2023 are likely to be stable to modestly lower than the GBP 433 billion at the end of 2022, although the evolution of balances remains difficult to predict.

在中央和其他地區，我們進一步減少了 87 億英鎊。其中大約一半是我們分階段從愛爾蘭共和國撤資的結果，其餘是由於國債回購活動。展望未來，我們的存款流量將取決於宏觀經濟、淨貸款變化和客戶行為。我們認為，2023 年底的存款餘額可能會穩定至略低於 2022 年底的 4,330 億英鎊，儘管餘額的演變仍然難以預測。

Looking at the deposit mix on Slide 16. We operate with a diverse deposit franchise with a mix of retail and commercial deposits across (inaudible) and noninterest bearing product offerings. During the quarter, we saw a limited change between interest-bearing balances, which account for 60% of the mix and noninterest-bearing balances, which make up the remainder.

看看幻燈片 16 上的存款組合。我們擁有多元化的存款專營權，涵蓋零售和商業存款（聽不清）和無息產品。在本季度，我們看到有息餘額（佔組合的 60%）和無息餘額（佔其餘部分）之間的變化有限。

Within interest balances, we continue to see migration from instant access into term accounts. Term deposits are around 8% of total deposits, up from 6% at the year-end and 3% at the end of 2021. Around 40% of total deposits are insured, although this varies by customer type. Across our Retail and Private Banking businesses, 68% of deposits are insured, although this is higher in Retail Banking than in Private.

在利息餘額中，我們繼續看到從即時訪問轉向定期賬戶的趨勢。定期存款約佔總存款的 8%，高於年底的 6% 和 2021 年底的 3%。總存款的 40% 左右有保險，儘管這因客戶類型而異。在我們的零售和私人銀行業務中，68% 的存款已投保，儘管零售銀行業務的這一比例高於私人銀行業務。

For corporate customers, around 11% of balances are insured, and this will be higher for small business banking customers and for markets and funds banking customers. Our cumulative pass-through is now around 40% across interest-bearing deposits, up from 35% at Q4. And this includes pricing decisions after the base rate increase to 4.25% in March. Turning to our capital and leverage position on Slide 17.

對於企業客戶，大約 11% 的餘額受到保險，對於小型企業銀行客戶以及市場和基金銀行客戶來說，這一比例會更高。目前，我們的計息存款累積傳遞率約為 40%，高於第四季度的 35%。這包括 3 月份基本利率提高至 4.25% 後的定價決策。轉向幻燈片 17 上我們的資本和槓桿狀況。

Our CET1 ratio at the end of the year was 14.4%. The CET1 ratio is well above the current maximum distributable amount of 9.5% and above our target range of 13% to 14%. This leaves us well positioned to participate in a directed buyback from the government, should they choose to sell. Our total capital ratio for the first quarter is 19.6%. Given our CET1 target range of 13% to 14%, we expect to operate with optimal levels of AT1 and Tier 2 capital relative to minimum requirements.

年末我們的CET1比率為14.4%。 CET1比率遠高於當前9.5%的最大可分配金額，也高於我們13%至14%的目標範圍。這使我們能夠在政府選擇出售時參與政府的定向回購。我們第一季度的總資本比率為19.6%。鑑於我們的 CET1 目標範圍為 13% 至 14%，我們預計將以相對於最低要求的最佳 AT1 和二級資本水平運營。

We have a comfortable AT1 position with GBP 3.9 billion equivalent in issue, an AT1 ratio of 2.2% compared to a minimum ratio requirement of 2.1%. We have no near-term AT1 considerations with the next call date in August 2025. Our Tier 2 ratio is 3% with our most recent issuances last December and in March of this year. Our U.K. leverage ratio was 5.4%, leaving around 115 basis points of headroom above the Bank of England's minimum requirements.

我們擁有舒適的 AT1 頭寸，已發行 39 億英鎊等值貨幣，AT1 比率為 2.2%，而最低比率要求為 2.1%。我們沒有考慮近期 AT1 的情況，下一次贖回日期為 2025 年 8 月。我們去年 12 月和今年 3 月最近發行的二級資本比率為 3%。我們的英國槓桿率為 5.4%，比英國央行的最低要求還有約 115 個基點的空間。

Moving to Slide 18 and our quarterly movements in CET1 and risk-weighted assets. We generated 50 basis points of capital pre distributions. This includes 72 basis points of capital from earnings, partly offset by the change in IFRS 9 transitional relief of 8 basis points and risk-weighted asset growth of 16 basis points. The ordinary dividend accrual is equivalent to 29 basis points. RWAs increased by GBP 2 billion in the quarter to GBP 178.1 billion. Credit risk or RWAs increased GBP 1.7 billion, primarily due to stronger lending. Operational risk RWAs increased following the annual recalibration exercise. This was partially offset by a GBP 0.8 billion reduction in market risk. Looking at our issuance during the quarter on Slide 19. I'm very pleased with the transactions we've executed in the quarter, particularly in light of the challenging market conditions.

轉到幻燈片 18 以及我們 CET1 和風險加權資產的季度變動。我們進行了 50 個基點的資本預分配。這包括來自盈利的 72 個基點的資本，部分被 IFRS 9 過渡性減免的變化 8 個基點和風險加權資產增長 16 個基點所抵消。普通股息應計相當於29個基點。本季度 RWA 增加 20 億英鎊，達到 1,781 億英鎊。信用風險或 RWA 增加了 17 億英鎊，主要是由於貸款增加。年度重新校准後，操作風險 RWA 有所增加。這被市場風險減少 8 億英鎊部分抵消。看看我們在幻燈片 19 上的季度發行情況。我對我們​​在本季度執行的交易感到非常滿意，特別是考慮到充滿挑戰的市場條件。

And again, thank you for your continued support for NatWest Group and NatWest Markets. From NatWest Group, we issued around GBP 2 billion equivalent in senior MREL format, including a $2 billion dual tranche trade as well as a EUR 500 million social bond, with proceeds dedicated to supporting women-led enterprises, the first such issuance by European Financial Institution.

再次感謝您對 NatWest Group 和 NatWest Markets 的持續支持。我們通過 NatWest 集團以高級 MREL 格式發行了約 20 億英鎊等值的債券，其中包括 20 億美元的雙檔交易以及 5 億歐元的社會債券，所得收益專門用於支持女性主導的企業，這是歐洲金融機構首次發行此類債券機構。

In addition to issuing senior MREL, we also issued EUR 700 million of Tier 2. And finally, from NatWest Markets Plc, we issued EUR 1.5 billion in fixed and floating formats. Turning to credit ratings on Slide 20. It's pleasing to see further progress in our credit ratings this year. This month, S&P upgraded the ratings of all NatWest Group entities.

除了發行高級 MREL 之外，我們還發行了 7 億歐元的二級債券。最後，我們通過 NatWest Markets Plc 發行了 15 億歐元的固定和浮動格式。轉向幻燈片 20 上的信用評級。很高興看到今年我們的信用評級取得了進一步進展。本月，標準普爾上調了 NatWest 集團所有實體的評級。

The NatWest Group Holding Company is now rated BBB+. The ring-fenced bank core operating companies are now A+ and our non-ring-fenced banking operation companies are now single A. The outlook for Moody's, S&P and Fitch are stable across all group entities. We will continue to proactively engage with the agencies to support ongoing progress in our credit and ESG ratings. With that, I'll hand back to Katie.

NatWest 集團控股公司現已評級為 BBB+。隔離銀行核心運營公司現為 A+，我們的非隔離銀行運營公司現為單一 A 級。穆迪、標準普爾和惠譽對所有集團實體的前景保持穩定。我們將繼續積極與各機構合作，支持我們的信用和 ESG 評級不斷取得進展。說完，我會把事情交還給凱蒂。

Thank you, Donal. I'd like to finish with guidance on Slide 22. For 2023, we continue to expect income, excluding notable items, to be around GBP 14.8 billion. Net interest margin of about 3.2%. And group operating costs, excluding litigation and conduct to be around GBP 7.6 billion, delivering an improvement on the cost-income ratio to below 52%. We anticipate a loan impairment rate in the range of 20 to 30 basis points.

謝謝你，多納爾。我想以幻燈片 22 上的指導作為結束。2023 年，我們繼續預計收入（不包括值得注意的項目）約為 148 億英鎊。淨息差約為3.2%。集團運營成本（不包括訴訟和行為）約為 76 億英鎊，成本收入比改善至 52% 以下。我們預計貸款減值率在 20 至 30 個基點之間。

And together, we expect this to lead to a return on tangible equity of 14% to 16% and to be at the upper end of this range. We expect to return significant capital to shareholders this year with a payout ratio of 40% and capacity for additional buybacks. In the first quarter, we have already accrued just over GBP 500 million for deferment payments and completed more than half of our GBP 800 million on market buyback. And with that, I'll open the line for questions.

我們預計這將導致有形股本回報率達到 14% 至 16%，並處於該範圍的上限。我們預計今年將向股東返還大量資本，派息率為 40%，並有能力進行額外回購。第一季度，我們已經累計了超過 5 億英鎊的延期付款，並完成了市場回購 8 億英鎊的一半以上。接下來，我將開通提問熱線。

(Operator Instructions). And as we wait for you to ask, we have a few pre-submitted questions. And the first asks, can you tell me about your funding plan and expected currency mix for 2023?

（操作員說明）。當我們等待您提問時，我們有一些預先提交的問題。第一個問題，您能告訴我您 2023 年的融資計劃和預期貨幣組合嗎？

Donal, do you want to take that?

唐納爾，你想接受這個嗎？

Yes. Sure. Okay. Thanks for the question. So from -- we're 50% complete, as you can see in our slides, year-to-date. So in effect, what we have left -- if I remind you, what we guided to, I'd say, full year results. So from a Tier 2 perspective, we said we had up to GBP 1 billion to do. You see that we did a -- we did one transaction. So there is a further transaction that we'd look at probably in H2, but we'll keep our options open on that.

是的。當然。好的。謝謝你的提問。正如您在我們的幻燈片中看到的那樣，今年迄今為止，我們已經完成了 50%。所以實際上，我們剩下的——如果我提醒你的話，我們所指導的，我想說的是，全年的結果。因此，從第二級的角度來看，我們說我們最多需要 10 億英鎊來做。你看我們做了一筆交易。因此，我們可能會在下半年考慮進一步的交易，但我們將對此保持開放的選擇。

And then from senior MREL, we guided to GBP 3 billion to GBP 5 billion. So from the midpoint there, we are 50% complete with the $2 billion dual tranche and also the EUR 500 million social bond. So I would expect to be active in Q2 on a senior MREL perspective. We will, as always, keep our options open from a currency perspective. But I think sterling, euro is probably too that we would look at just given current levels. So expect -- probably expect at least 1 to 2 MREl transactions in Q2.

然後根據高級 MREL，我們指導為 30 億英鎊至 50 億英鎊。因此，從中點開始，我們已經完成了 20 億美元的雙批次以及 5 億歐元的社會債券的 50%。因此，我希望從高級 MREL 的角度來看，我會在第二季度積極參與。我們將一如既往，從貨幣角度保持我們的選擇餘地。但我認為英鎊和歐元也可能是我們考慮的當前水平。因此，預計 - 可能預計第二季度至少有 1 到 2 筆 MREl 交易。

Our next question comes from Rob Smalley of UBS.

我們的下一個問題來自瑞銀集團的羅布·斯莫利。

Just wanted to talk 2 things: one on -- if you could walk me through the provision line, why the 7 basis points? You're keeping your economic assumptions the same as they were to start the year. And your base case is still pretty big fall off in house prices and commercial real estate. So if you could just walk me through how that squares up with the provision where it is? The second part is, how does that translate for the rest of the year?

只是想談兩件事：第一，如果你能帶我了解一下規定線，為什麼是 7 個基點？您將保持經濟假設與年初相同。你的基本情況是房價和商業地產仍然大幅下跌。那麼，您是否可以向我介紹一下這與規定的情況如何相符？第二部分是，今年剩餘時間這將如何轉化？

And are you concerned about a market perception with that going up to meet the guidance? And then third, unrelated question, one of your competitors bought Silicon Valley Bank's U.K. operations, and there is a change in -- or an allowance in the ring-fencing rules around that. Can this prompt the discussion about changing the ring-fencing rules and some of the corporate structure for banks in the U.K.?

您是否擔心市場對價格上漲以滿足指導方針的看法？第三個不相關的問題，你的一個競爭對手購買了矽谷銀行的英國業務，並且圍繞這一點的圍欄規則發生了變化或允許。這是否會引發有關改變英國銀行的圍欄規則和部分公司結構的討論？

Thanks, Rob, and thanks very much for joining us. I'll take the first one, and then I'll let Donal talk a little bit about the second one bit. If I look at the provision line. So in terms of why 7 basis points, when the reality is this book is incredibly -- it's performing incredibly well. If you look at the underlying at 7 basis points, what you actually saw was a quick coming through from C&I, reflecting the lack of any kind of deterioration within that book.

謝謝羅布，非常感謝您加入我們。我先講第一個，然後讓唐納爾談談第二個。如果我看一下供給線。因此，就為什麼 7 個基點而言，現實是這本書令人難以置信 - 它的表現非常好。如果你以 7 個基點來觀察標的資產，你實際上看到的是 C&I 的快速增長，反映出該書中沒有任何形式的惡化。

So where we've made provisions that kind of move from stage 2 back into stage 1. There's the normal kind of stage 3 charges you'd expect to see in retail, but again, not kind of significant, which is why you get to the GBP 70 million charge. If I look at the kind of the economics that are -- I mean, obviously, we built them in at the end of the year. We then re-examine in each quarter. And what we kind of felt was they were broadly basically where they were, and we're not keen to kind of keep moving economic lines by small amounts, rather wait there's actually something more significant.

因此，我們制定了從第 2 階段回到第 1 階段的規定。您可能會在零售業中看到正常的第 3 階段收費，但同樣，這並不重要，這就是為什麼您需要7000萬英鎊的費用。如果我看看那種經濟學——我的意思是，顯然，我們在年底建立了它們。然後我們在每個季度重新檢查。我們的感覺是，它們基本上處於原來的位置，我們不熱衷於繼續小幅改變經濟路線，而是等待實際上有更重要的事情發生。

So we'll do another review of them as we go into Q2. And when I look to the 20 to 30 basis point guidance we've given you, I'd probably say that I'm increasingly comfortable about the kind of that number in terms of where we'd land on that, particularly given where we've kind of started at 7 basis points. We probably expect to be a bit lower -- the lower end rather than at the upper end in terms of where that would be.

因此，我們將在進入第二季度時對它們進行另一次審查。當我查看我們給你們的 20 到 30 個基點指導時，我可能會說，就我們的目標而言，我對這個數字越來越滿意，特別是考慮到我們的目標已經從 7 個基點開始了。我們可能預計會低一點——就其所在位置而言，是下限而不是上限。

But as you -- as we look at the book, it's performing well. If I look at the macro, it's still a challenging kind of macro environment. We would expect companies to have, at some point, to take a bit more pain than they are taking. And I think we're also very conscious. It's only Q1. So this -- let's not kind of get ahead ourselves at this point. Let's see what happens or sort of H1 and then into Q3 in terms of making any change on that.

但正如我們所看到的，這本書表現良好。如果我從宏觀角度來看，這仍然是一個充滿挑戰的宏觀環境。我們預計，在某個時候，公司將承受比現在更多的痛苦。我認為我們也非常有意識。這只是第一季度。所以，我們現在不要太超前。讓我們看看 H1 發生了什麼，然後進入 Q3 進行任何更改。

And then in terms of Silicon Valley, I mean, obviously, the change they made was very much out of a resolution kind of action in terms of that change. But I mean, Donal, I know you're working a lot on some of the (inaudible) and things. How would you look at that question?

然後就矽谷而言，我的意思是，很明顯，他們所做的改變很大程度上是出於針對這種改變的決議行動。但我的意思是，唐納爾，我知道你在一些（聽不清）事情上做了很多工作。你會如何看待這個問題？

Yes. Sure. Rob. So no, I think Katie rights. I think the exemption that you've seen from HSBC's perspective is purely under resolution is very, very specific to what went on. But I think in terms of potential changes to ring-fencing rules, we're in the process of just finalizing our response to the first call for evidence, which will be submitted next week.

是的。當然。搶。所以不，我認為凱蒂說得對。我認為你從匯豐銀行的角度看到的豁免純粹是在決議中，這對於所發生的事情來說是非常非常具體的。但我認為，就圍欄規則的潛在變化而言，我們正在敲定對第一次證據徵集的回應，該證據將於下週提交。

And that's really related to the -- I suppose, the resolution -- potential overlap between resolution regime and ring-fencing regime. And there was, I think -- one of the recommendations, which raised the question of whether ring-fencing is required going forward if resolution is embedded. My own view is I'm not expecting any material change, I think, to those regimes in the near future.

這確實與——我認為是決議——決議制度和圍欄制度之間的潛在重疊有關。我認為，其中一項建議提出了這樣一個問題：如果嵌入決議，是否需要繼續進行圍欄。我個人的觀點是，我認為這些政權在不久的將來不會發生任何實質性變化。

Probably more importantly, as we move into H2, it will be the second call for evidence, which will focus on the other recommendations that were laid out in the CET reports and including those at the definition of RFI, non-EEA activity and excluded activities as well. So that's one probably where we'll be more focused and probably there's more potential for change potentially to some of the ring-fencing rules, but we'll probably update if there's any progress on that into. It will likely be into '23 before we get more clarity.

也許更重要的是，當我們進入 H2 時，這將是第二次索取證據，重點是 CET 報告中提出的其他建議，包括 RFI、非 EEA 活動和排除活動的定義中的建議以及。因此，這可能是我們會更加關注的地方，並且可能對某些圍欄規則有更大的改變潛力，但如果有任何進展，我們可能會更新。可能要到 23 年我們才會更加清楚。

Our next question comes from Paul Fenner-Leitao of Societe Generale.

我們的下一個問題來自法國興業銀行的保羅·芬納-雷托。

Can you hear me.

你能聽到我嗎。

We can.

我們可以。

Just a very quick point on the -- Donal, on the Tier 2, I don't know if your comments around Europe and Sterling were specific to a senior unsecured or also included Tier 2. So you're thinking of doing up to GBP 1 billion. You've done GBP 600 million. So you've got a maximum of GBP 400 million sterling left to do. Obviously, that's a pretty small transaction in euros. And it's probably a pretty small transaction in sterling. I'm just trying to understand what it is that you're thinking there or maybe you go to another market?

只是一個非常簡短的觀點 - 多納爾，關於第 2 級，我不知道您對歐洲和英鎊的評論是否特定於高級無抵押或也包括第 2 級。所以您正在考慮最多英鎊1十億。您已經賺了 6 億英鎊。因此，您最多還剩下 4 億英鎊。顯然，以歐元計算，這是一筆相當小的交易。以英鎊計算，這可能是一筆相當小的交易。我只是想了解您在那裡想什麼，或者您可能會去另一個市場？

Yes. No, what I'd say is Paul, yes, I think we'll be open from a currency perspective on Tier 2 as well, obviously, just depending on the time. I would say I know we did guide up to GBP 1 billion. I don't think we would hold itself strictly to a cap of GBP 400 million or whatever is left. I think we'd be confident the fact doing a benchmark transaction size when we did come. So we'll look across the 3 majors, I think, and decide when the time is right.

是的。不，我想說的是保羅，是的，我認為我們也會從貨幣角度對二級市場持開放態度，顯然，這只是取決於時間。我想說我知道我們確實指導了 10 億英鎊。我認為我們不會嚴格限制 4 億英鎊或剩下的金額。我認為，當我們真正來時，我們會對基準交易規模的事實充滿信心。因此，我認為我們將審視這三個專業，並在時機成熟時做出決定。

Okay. But it could be another euro?

好的。但這可能是另一個歐元？

It could. We wouldn't rely on another euro, but I think a number of our recent -- the recent Tier 2 issuance in euro, so we probably will have a preference for another currency, but we won't commit to that at this stage.

它可以。我們不會依賴另一種歐元，但我認為我們最近的一些——最近以歐元發行的二級貨幣，所以我們可能會偏好另一種貨幣，但我們現階段不會承諾這一點。

Our next question comes from Jesse Norcross of Ninety One Asset Management.

我們的下一個問題來自九十一資產管理公司的傑西·諾克羅斯。

Just 2 questions for me. The third question was just asked by Paul. So in terms of your deposits, particularly on the corporate segment, like noninterest-bearing deposits. Is there any reason for you to potentially look at changing your assumptions in terms of duration and stressed outflow levels, just given obviously the recent volatility in the U.S.?

只需問我 2 個問題。第三個問題是保羅剛剛問的。因此，就您的存款而言，尤其是企業部門的存款，例如無息存款。考慮到美國近期的明顯波動，您是否有任何理由考慮改變您在期限和壓力流出水平方面的假設？

And then the second question really on the recent proposals from the European Commission on implementing (inaudible) positive preference. I was just wondering if you've had any discussions with U.K. authorities on something similar? Or what your expectations would be potentially if this would be implemented in the U.K. as well? Just from memory, I think there has been a review, but I'm not sure about any updates.

第二個問題實際上是關於歐盟委員會最近關於實施（聽不清）積極優惠的提案。我只是想知道您是否與英國當局就類似問題進行過討論？或者，如果這也將在英國實施，您的期望是什麼？僅憑記憶，我認為已經有過評論，但我不確定是否有任何更新。

Yes. I'll take that. So maybe starting with the second question. No conversations to date on (inaudible) references. And no indication that it's something that they're looking at in the U.K., I think any of the kind of comments I think to date I've been really around the financial service concession scheme and potential, I suppose, increases in the level of secured deposits.

是的。我會接受的。那麼也許從第二個問題開始。迄今為止沒有關於（聽不清）參考文獻的對話。沒有跡象表明他們正在英國關注這一問題，我認為迄今為止我所發表的任何評論都真正圍繞著金融服務特許計劃和潛力，我想，這會提高金融服務特許權水平擔保存款。

But again, no active dialog at this stage on that topic. And I think in terms of duration and flow assumptions, I would say when you get events like SVB and CS, you'll always look at your internal assumptions. We're very, very comfortable in terms of the way we approach our risk management and liquidity management is very, very prudent. But again, we have seen comments from regulators around looking at potential outflows, so which is more under kind of liquidity coverage ratio.

但同樣，現階段沒有關於該主題的活躍對話。我認為就持續時間和流量假設而言，我想說，當你收到像 SVB 和 CS 這樣的事件時，你總是會考慮你的內部假設。我們對風險管理的方式非常非常滿意，流動性管理也非常非常謹慎。但我們再次看到監管機構關於潛在資金外流的評論，因此這更多是在流動性覆蓋率的範圍內。

And again, we'll keep well up to date and engage with the regulator on any potential change. But we're, as I said, overall, very, very comfortable with the approach we take internally on our risk management process.

再次強調，我們將及時了解最新情況，並就任何潛在的變化與監管機構進行溝通。但正如我所說，總體而言，我們對內部風險管理流程所採用的方法非常非常滿意。

And maybe just a quick follow-up, if I may, on the Tier 2, actually. Just given your guidance up to GBP 1 billion, but you've already got a Tier 2 tranche of 3%. Yes. My inclination would be to think that then there wouldn't be any Tier 2, but is that correct or incorrect?

實際上，如果可以的話，也許只是在第 2 層進行快速跟進。剛剛給出了高達 10 億英鎊的指導，但您已經獲得了 3% 的二級部分。是的。我傾向於認為這樣就不會有任何第二層，但這是正確還是錯誤？

Yes. I think probably just -- so far, I would say, point in time, 3%, we do have 2 maturities through '23. June '23 maturity and also December '22 maturity as well. So expect us to kind of -- when we guide that kind of GBP 1 billion it is taken into account maturities and what we said is we do try and run our AT1 and Tier 2 to more optimal levels. So really, there's looking ahead and refinancing that needs to take place.

是的。我認為可能只是——到目前為止，我想說，在時間點上，3%，我們確實有 2 個到期日到 23 年。 23 年 6 月到期，22 年 12 月到期。因此，當我們引導 10 億英鎊的資金時，我們會考慮到到期日，我們所說的是，我們確實嘗試將 AT1 和 Tier 2 運行到更優化的水平。因此，確實需要展望未來並進行再融資。

(Operator Instructions). We do also have an additional pre-submitted question, which asks, can you give us an update on the shape of your bond portfolio? Do you hedge or your securities in your liquid asset portfolio?

（操作員說明）。我們還有一個額外的預先提交的問題，即您能否向我們提供有關您的債券投資組合的最新情況？您是否對流動資產組合中的證券進行對沖？

Yes, I shall take that one as well, Katie. So from a bond portfolio perspective, we have actually included some more detailed disclosure on in the fixed income desk. You can see actually our bond composition of our liquid asset buffer is quite small at GBP 29 billion. And the large majority of our portfolio is sitting in cash, 81%. But in terms of that GBP 29 billion of securities, the large majority of it is hedged.

是的，我也會選擇那個，凱蒂。因此，從債券投資組合的角度來看，我們實際上在固定收益部門中包含了一些更詳細的披露。您可以看到，實際上我們的流動資產緩衝中的債券構成相當小，只有 290 億英鎊。我們投資組合的大部分都是現金，佔 81%。但就 290 億英鎊的證券而言，其中大部分都是對沖的。

And maybe just to give a little bit more detail there. We've also broken it down by the securities component of (inaudible) and fair value through OCI and amortized cost. So fair value to OCI portfolio, which makes up 77% of it is fully hedged. Within the amortized cost portfolio, there is a small portion of securities there that sit within our RBSI and to the offshore, where those securities form part of the structural hedge in that legal entity.

也許只是為了提供更多細節。我們還通過 OCI 和攤餘成本按證券成分（聽不清）和公允價值對其進行了細分。因此，佔 OCI 投資組合 77% 的公允價值已完全對沖。在攤餘成本投資組合中，有一小部分證券位於我們的 RBSI 內和離岸市場，這些證券構成該法人實體結構性對沖的一部分。

So that would be the only component of our liquid asset portfolio that's unhedged. And you'll see in our full year '22 disclosures, we will disclose all our securities held at amortized cost and the carrying value of those securities as well. Thank you for the question.

因此，這將是我們流動資產投資組合中唯一未對沖的組成部分。您將在我們 22 年全年的披露中看到，我們將披露以攤餘成本持有的所有證券以及這些證券的賬面價值。感謝你的提問。

We do have another way hand from Stephane Suchet Point72.

我們確實有來自 Stephane Suchet Point72 的另一條路。

If you don't mind, I would like to ask 3 pointed questions on commercial real estate. The first one is, is it possible to know what is the level of provisioning you hold against your commercial real estate portfolio? Secondly, do you plan to expand this portfolio? Because for a number of real estate companies, wholesale funding is more challenging to get.

如果您不介意的話，我想問3個關於商業地產的尖銳問題。第一個是，是否有可能知道您針對商業房地產投資組合持有的撥備水平是多少？其次，您打算擴大這個產品組合嗎？因為對於許多房地產公司來說，獲得批發資金更具挑戰性。

And thirdly, if I may, do you expect more deterioration on this portfolio? Obviously, you made point around LTVs being lower, what do you see on the ground? And do you take advantage of that to expand margin on this part of the portfolio, if I may ask?

第三，請問您是否預計該投資組合會進一步惡化？顯然，您提到生命週期價值較低，您對此有何看法？如果我可以問的話，您是否會利用這一點來擴大這部分投資組合的利潤？

Yes, sure. Let me take that. Thanks so much, Stefan. So if you look at the provisions, I guide you to Page 17 of our statement where you can see the -- sorry, that's the BBLs forgive me, the -- forgive me, sorry, Page 16, where you can see in terms of what we've got in terms of the loans and the amount of ECL provision that we have against them. So you'll be able to pull that up.

是的，當然。讓我來吧。非常感謝，斯特凡。因此，如果您查看條款，我會引導您查看我們聲明的第 17 頁，您可以在其中看到 — 對不起，那是 BBL，請原諒我， — 原諒我，對不起，第 16 頁，您可以在其中看到我們所獲得的貸款以及針對這些貸款的預期信用損失撥備金額。所以你就可以把它拉起來。

And (inaudible) my eye is not landing on real estate just immediately. But overall, if I look at the total portfolio, I mean, we've got GBP 377 million of loans, and the total Stage 3 we have against that is GBP 1.7 billion. So it's very small in GBP 1.7 billion, thanks very much, in terms of the numbers. Sorry, I just -- Sorry, forgive me. Thank you very much. So Paul just help from this side. So we've got total loans within real estate of GBP 32.5 million and GBP 229 million of provisions at Stage 3 against them.

而且（聽不清）我的目光並沒有立即落在房地產上。但總的來說，如果我看一下總投資組合，我的意思是，我們有 3.77 億英鎊的貸款，而我們在第三階段的貸款總額為 17 億英鎊。所以非常感謝，就數字而言，17 億英鎊是非常小的。對不起，我只是——對不起，請原諒我。非常感謝。所以保羅就從這方面幫忙。因此，我們在房地產領域的貸款總額為 3250 萬英鎊，第三階段的準備金為 2.29 億英鎊。

Total provisions of GBP 441 million. And if you went to your (inaudible), you'd be able to see how that's evolved. No particular plans to expand CRE per se, happy the size it is within the portfolio. Just at kind of around 4% and a 47% kind of LTV. Obviously, we work with our customers as they're coming up for renewal, we start -- that process starts about 18 months before they actually do renewed to see what they have in mind.

撥款總額為 4.41 億英鎊。如果你去你的（聽不清），你就能看到它是如何演變的。沒有具體計劃擴大商業地產本身，但對其投資組合內的規模感到滿意。 LTV 大約為 4% 和 47%。顯然，我們會在客戶即將進行續訂時與他們合作，我們會在他們實際進行續訂之前大約 18 個月開始該流程，以了解他們的想法。

So we've worked well over the last 10 years to really kind of limit the amount of exposure that we've got in this place, but make sure that we're exposed to the things that we see as very good credits and very good quality companies within the organization. And then just remind maybe your third point, sorry, stephane?

因此，在過去的 10 年裡，我們一直在努力限制我們在這個地方的曝光量，但要確保我們接觸到我們認為非常好的信用和非常好的東西。組織內的優質公司。然後提醒一下你的第三點，對不起，斯蒂芬？

Yes. It was around margin expansion potentially because self funding is more challenging for some of these companies. And in terms of asset quality, what -- even though LTVs are quite low, what do you see from here, if I may ask?

是的。這可能與利潤率擴張有關，因為對於其中一些公司來說，自籌資金更具挑戰性。就資產質量而言，儘管 LTV 相當低，但我可以問一下，您從這裡看到了什麼？

Yes. I mean, I guess the way that I would look at this in terms of margin expansion is it's not something I would say the philosophy overall for the portfolio was an aimed for the organization. As each of these trade will be coming up for renewal, we'd be looking that on pricing on a case-by-case basis, very much linked to the underlying risks that we're covering and the exposures that they have within there.

是的。我的意思是，我想我在利潤擴張方面看待這個問題的方式是，我不會說該投資組合的整體理念是該組織的目標。由於這些交易中的每一項都將進行更新，因此我們將根據具體情況進行定價，這與我們所涵蓋的潛在風險及其內部風險敞口密切相關。

It wouldn't be -- and obviously, we would look at that time to the funding that we are paying, but it's not something that we go actually, that's a strategic thing that we're going to financially expand that. They'll be priced on an individual basis.

顯然，我們會考慮到我們正在支付的資金，但這不是我們實際上要做的事情，這是我們將在財務上擴大規模的戰略性事情。它們將根據個人情況定價。

There are no more questions at this time. So I'd like to hand back to Katie for any closing comments.

目前沒有更多問題。因此，我想將結束語交還給凱蒂。

Super. Thanks very much, indeed. Just as ever, thanks very much for joining us this afternoon. We hope that it was helpful just to be able to touch sides given the volatility that has been in the market. As ever, we also thank you tremendously for your support. We really do appreciate it. And if you have any other further queries or anything you'd like to follow up on, Paul Pybus from our debt IR is always happy to take your call. Thanks very much indeed. Take care, and enjoy your afternoon and weekend when you get to it.

極好的。確實非常感謝。一如既往，非常感謝您今天下午加入我們。我們希望，考慮到市場的波動性，能夠觸及雙方的立場是有幫助的。一如既往，我們也非常感謝您的支持。我們真的很感激。如果您還有任何其他疑問或想要跟進的任何事情，我們債務 IR 的 Paul Pybus 總是很樂意接聽您的電話。確實非常感謝。保重，當你到達時，享受你的下午和周末。

Thank you.

謝謝。

That concludes today's presentation. Thank you for your participation. You may now disconnect.

今天的演講到此結束。感謝您的參與。您現在可以斷開連接。